Making $20k a flip is very possible, just use all the web sites such as hud.gov, craigslist, realtor.com, etc and drive looking for tall grass and/or fsbo's. 

Wish me luck guy and I would love to have some inital advise from the folks whos done this, and newer people on how they are fairing so far.Tl:dr: Through a series of panicked web searching,I found this fourm and is saying hello.

Oh yes we have done exactly what you are describing numerous times.

I am not attempting to create any gimmicks or tricks but want to do it quickly with limited disturbance to the tenant or my schedule with having to do numerous showings.

Dodd Frank only applies to notes originated AFTER that date is inaccurate because it fails to take into account there were numerous laws regulating finance behavior prior to that date including the SAFE Act and a raft of others that have discussed in great detail in this forum.Further, while the servicing law extensions referred to did not go into effect until January, that does not allow a new acquisition (which is what is being proposed) by a servicer of pre January contracts any kind of grandfathered immunity from the legalities that existed at the time of origination. 

You may also want to check out a TREIA meeting where there are numerous investor friendly agents. 

I've tried numerous times over there years and have come real close a couple times.

With a regular LLC all earnings are passed to you as income and you have to pay tax on the whole amount as far as I understand it.Applying for a tax ID is free on the IRS web site and so is the S-Corp election. 

You don't really want to rely too much on the numers that they're giving you. 

Along the way, I developed professional skills in the area of multimedia, specifically video production, photography and web design... so don't worry, I won't quit my day job!